In a recent press release issued by the Dubai Government Media Office, the Dubai International Financial Centre (DIFC) celebrated its unprecedented growth and reaffirmed its status as the premier global financial hub for the Middle East, Africa, and South Asia (MEASA) region.

Amidst record-breaking achievements in 2023, DIFC showcased an impressive 34% year-on-year growth in new company registrations, welcoming a total of 1,451 new companies into its thriving ecosystem. This surge brings the total number of active companies within the DIFC to 5,523, marking a remarkable 26% increase from previous years.

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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and President of the Dubai International Financial Centre, lauded the visionary leadership behind DIFC’s success. He stated, “Two decades ago, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, articulated an ambitious vision to transform Dubai into one of the world’s leading global financial hubs.”

Sheikh Maktoum emphasized the strategic significance of DIFC’s growth in aligning with Dubai’s economic agenda, particularly the objective to double the city’s economy by 2030 and solidify its position as a top global business destination.

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According to the press release, DIFC is poised to double its GDP contribution by 2030, with total revenues nearing Dh1.3 billion. The hub’s appeal to businesses in the fintech and innovation sectors continues to grow, with 902 companies operating within these domains by the end of 2023, marking a substantial 31% year-on-year increase.

Moreover, DIFC’s real estate segment witnessed remarkable occupancy rates, with 95% of properties owned and managed by DIFC being occupied. The introduction of DIFC Living, the hub’s first residential offering, proved to be a resounding success, selling out within 48 hours of launch. Total assets surged to Dh18 billion, reflecting an 18% increase and highlighting DIFC’s robust financial standing.

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The vibrant urban retail district of DIFC, Gate Avenue, experienced a 25% surge in foot traffic, attracting 12 million visitors. This increase can be attributed to a diverse range of events and the opening of 66 new retail and food outlets, further enhancing DIFC’s appeal as a dynamic commercial destination.

To nurture talent migration and enhance job opportunities, DIFC established the DIFC Talent Network, facilitating the creation of 5,514 new jobs. The overall workforce expanded to 41,597 employees, marking a notable 15% year-on-year increase.

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In conclusion, DIFC’s stellar performance in 2023 underscores its pivotal role in driving Dubai’s economic growth and positioning the city as a global financial powerhouse. With ambitious growth targets and a commitment to innovation, DIFC remains at the forefront of fostering economic prosperity and attracting international investment to the region.